Bitcoin remains locked in a broader bearish structure, repeatedly failing to clear the $68,000 resistance over the past few days. But a recent on-chain development hints that a near-term relief rally could be coming — albeit only after a specific market dynamic plays out. On-chain analyst MorenoDV, writing for CryptoQuant’s Quicktake, flagged that Bitcoin “whales” have realized more than $208 million in profits recently. According to the Realized Profit By Whales metric, this is the seventh time in two years that this cohort has taken over $200 million in profits. History shows these whale profit spikes rarely pass unnoticed. Such large-scale selling typically injects short-term liquidity imbalances and is often followed by market turbulence. In many cases those turbulent periods have preceded local bottoms: once the extra supply from whales is absorbed, price tends to stabilize and has frequently led into bullish reversals. There have been exceptions, though, where similar profit-taking aligned with local tops. MorenoDV stresses that this behavior is telling because whales don’t sell impulsively. Their coordinated profit-taking “signals conviction about near-term price exhaustion or strategic repositioning.” That suggests the current move is more likely a sign of near-term exhaustion than the kickoff of a fresh bearish cycle. How the market reacts next will hinge on demand. If institutional flows or mid-sized holders step in and accumulate at these levels, the market could interpret it as a healthy rotation and pivot into bullish momentum. Conversely, if demand remains weak or more participants decide to sell, downside pressure could intensify and push prices lower. Price snapshot: Bitcoin is trading near $67,960 at the time of writing, showing little movement over the past 24 hours. Read more AI-generated news on: undefined/news

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